MGE Energy (NASDAQ:MGEE) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of MGE Energy (NASDAQ:MGEEGet Rating) from a buy rating to a hold rating in a report published on Friday morning, Zacks.com reports.

According to Zacks, “MGE Energy is a public utility holding company. Its principal subsidiary, MGE, generates and distributes electricity to more than 128,000 customers in Dane County, Wisconsin (250 square miles) and purchases, transports and distributes natural gas to nearly 123,000 customers in seven south-central and western Wisconsin counties (1,375 square miles). (Press Release) “

MGEE has been the subject of several other reports. Morgan Stanley decreased their price target on shares of MGE Energy from $77.00 to $74.00 and set an underweight rating for the company in a research report on Monday, May 23rd. StockNews.com began coverage on shares of MGE Energy in a research report on Thursday, March 31st. They issued a hold rating for the company. Finally, TheStreet raised shares of MGE Energy from a c+ rating to a b rating in a research report on Wednesday, April 6th.

MGEE stock opened at $80.73 on Friday. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 4.28 and a beta of 0.67. The firm has a 50-day simple moving average of $80.58 and a two-hundred day simple moving average of $77.85. MGE Energy has a one year low of $69.23 and a one year high of $84.96. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.55 and a current ratio of 1.98.

MGE Energy (NASDAQ:MGEEGet Rating) last released its quarterly earnings results on Thursday, May 5th. The utilities provider reported $0.95 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.02). The firm had revenue of $208.94 million for the quarter, compared to analysts’ expectations of $182.00 million. MGE Energy had a net margin of 16.25% and a return on equity of 10.24%. As a group, equities analysts predict that MGE Energy will post 3.13 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st will be given a dividend of $0.387 per share. This represents a $1.55 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Tuesday, May 31st. MGE Energy’s dividend payout ratio is presently 53.26%.

In other news, Director James L. Possin acquired 400 shares of the company’s stock in a transaction dated Tuesday, March 1st. The shares were acquired at an average price of $70.05 per share, with a total value of $28,020.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James G. Berbee acquired 1,067 shares of the company’s stock in a transaction dated Friday, March 4th. The shares were purchased at an average cost of $74.86 per share, for a total transaction of $79,875.62. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,655 shares of company stock valued at $122,400 over the last three months. 0.15% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of MGE Energy by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 3,910,789 shares of the utilities provider’s stock worth $312,042,000 after purchasing an additional 19,371 shares during the period. BlackRock Inc. grew its stake in MGE Energy by 5.0% in the 4th quarter. BlackRock Inc. now owns 2,762,739 shares of the utilities provider’s stock valued at $227,234,000 after acquiring an additional 132,622 shares during the period. Victory Capital Management Inc. grew its stake in MGE Energy by 18.9% in the 1st quarter. Victory Capital Management Inc. now owns 1,172,040 shares of the utilities provider’s stock valued at $93,069,000 after acquiring an additional 186,113 shares during the period. State Street Corp grew its stake in MGE Energy by 15.7% in the 1st quarter. State Street Corp now owns 983,186 shares of the utilities provider’s stock valued at $78,448,000 after acquiring an additional 133,267 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in MGE Energy by 0.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 817,510 shares of the utilities provider’s stock valued at $67,240,000 after acquiring an additional 7,029 shares during the period. 50.39% of the stock is currently owned by institutional investors and hedge funds.

MGE Energy Company Profile (Get Rating)

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services.

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